Would you invest in a cash flowing property w/ lead issues??

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I am looking at a heavily discounted, cash flowing commercial property, there is a long term tenant in place who has been there for many years and has a contract to stay for 5 more. Im buying the property for 20% more than the land value, its a complete steal but there is a bad environmental issue with the lead paint, I own other rentals but have never dealt with this before. I actually dont even know the cost to clean it up but Im getting a specialist to come see it tomorrow. The asking price on the property is $250k and its rented at $4k/mo now for 5 more years. Its a 25,000 sq ft lot with a small 2000 sq ft home + some storage units. 

Im sure it costs alot to clean it up and thats why the owner is selling, but from what Im told there is no financing this property by any bank so it has to be cash only, which is fine but I also dont want to be liable for anything from the past. I will clean it up completely if its possible, we will find out tomorrow. Would I be liable for issues to say the tenants from before I took ownership if they claim they got sick or something?

I know when something is too good to be true it is, but the business renting has been in place maybe 15 years, the land is worth maybe $200k by itself, i feel like this is a steal to have so much cash flow but im trying to learn more about this lead issue and how big an issue it is, the realtor sent me this 30 page report on it, but i have no idea what any of it means

You need to get a local commercial real estate attorney close to the property that has experience in environmental issues. It will cost some money upfront but could save a TON down the line.

You have an environmental phase one report and then a phase 2. The costs to perform phase 2 can be very high. Remediation can be high. If lead paint is more than a certain sq ft then you have to use the EPA process for lead based paint cleanup and it can be expensive and time consuming. You would also want  a clause in the purchase and sale saying that seller is not aware verbally or in writing of any pending litigation etc.

No legal advice given. 

Can you provide more information on the lead issue?  How do you know this?  What is the issue?  How was it determined that there's an issue with lead paint?  

Where is the property located?

As has been mentioned, you will need to do more research. Depending on local and state laws, you might be okay with encapsulating it. Around here, that means you can paint over it. That might buy you enough time to figure out a permanent solution.

You should have a phase 1 done as part of your due diligence. Find an experienced attorney, per Joel, and he can make sure the PSA allows for both time and contingency related to the phase 1. Then you'll at least know what you're dealing with. Expect to spend ~$4k on that alone.